10830 ABOVE 10760; TRAIL STOP-LOSS TO 10600

10830 ABOVE 10760; TRAIL STOP-LOSS TO 10600

WORLD MARKETS

Dow fell 0.3%, S & P 500 ended flat while Nasdaq gained 0.2%. Dow broke three-day winning streak.

Data showed capital goods orders fell 0.1% in February, as against expectation of being unchanged.

US crude rose 1.6% or 99 cents to 62.58/$ While Brent rose 0.6% or 41 cents to $69.42 a barrel on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut.

Main European markets gained 0.3%-1% with FTSE on the top.

AT HOME

Sesnex and Nifty gained 0.5% and 0.4% respectively, extending the winning streak to fourth straight day. Sensex settled at 39056, up 184 points while Nifty finished at 11713, up 44 points. BSE mid-cap and small-cap indices however ended lower by 0.04% and 0.2% respectively. BSE Realty and Telecom indices climbed 2.7% and 1.5% respectively, becoming top gainers among the sectoral indices while Oil & Gas index fell 0.6%, becoming top loser, followed by half a percent lower Healthcare and Basic Material indices.

FIIs net bought stocks and stock futures worth Rs 543 cr and 646 cr respectively but net sold index futures worth Rs 75 cr. DIIs were net sellers to the tune of Rs 438 cr.

Rupee appreciated 40 paise to end at 68.75/$.

India's March Nikkei manufacturing PMI eased to 52.6 from 54.3 in February.

OUTLOOK

Today morning, Nikkei and Hang Seng are up half a percent while Shanghai is down half a percent. SGX Nifty is suggesting a marginally higher start for our market.

We have been working with target of 11760, the top made in August 2018, after 11572 resistance was taken out.

Nifty yesterday rose 44 points to settle at 11713 and is set to open marginally higher today.

11760 continues to be immediate upside target as well as resistance to eye, a crossover of which is required for a fresh upmove. If that happens, 11830 would be the next target.

Immediate support on the hourly chart has moved up to 11540, with the stop-loss of which, trading longs can be held on to.

Immediate support on the hourly char has moved up to 11600, with the stop-loss of which, trading longs can be held on to.

The U.S. and China are set to resume trade negotiations in Washington on Wednesday, following last week’s talks in Beijing.